Low Doc Home Loan - Westpac - Lo Doc Premium Option >$500K 0.70% Disc

Comparison Rate	5.89%
Amount	$200,000
Term	30 years
Monthly Payment Est.	$1,149.42
Total Amount Paid Est.	$425,845
Establishment Fee	$355.00

5.61%

Target Market
Self employed borrowers who cannot provide up to date financials. For owner occupier purposes only.

Acceptable Income
Income verification is not required. Rather than verifying the customer/s income, the customers will be required to complete and sign a Borrowers Income Declaration ,
The declaration includes a statement by the customer along the lines of that the customer is able to repay the loan without substantial hardship. ,
The Borrowers Income Declaration is to be signed by the customer and returned to the Bank with the Application Form. ,
The customer must meet all other application and documentation ,
requirements as per usual. ,
The Borrowers Income Declaration can be found on the Introducer net. Please print and provide to the customers on application. ,
The original Borrowers Income Declaration must be provided by the customer at document sign up. ,
Qualification Criteria Applicants ,
Minimum of one applicant must be self-employed ,
Credit policy requires that applicants be self-employed for a minimum of 2 years ,
Customers must meet serviceability criteria. Applicants with poor ratings (i.e. adverse CRAA) and defaults on prior loans will not be considered. ,
Non-residents and off-shore borrowers are not eligible ,
The names of the borrowers must be in the same as the mortgagors (i.e. No third party security is allowed). ,
Lo Doc Applications: must be supported by 12 months worth of Business Activity Statements (BAS) and the end of latest BAS activity period no more than 4 months prior to the the first formal application submission date. ,
Following Documents can be used to comply with the BAS requirement: ,
- Completed ATO BAS templates ,
- Completed BAS created vis Accountant's software ,
- BAS printouts/summaries from the Tax Agent Portal or the Tax Office ,
Low Doc Loans must be supported by: ,
- Copy of the Australian Business Registration certificate generated at the time of ABN registration or The letter issued by Australian Business Register that confirms the ABN registration and accompanies the certificate. ,
ABN registration date was at least 2 years prior to the date of application.

Home Loan Loan Term
Up to 30 Years.

Home Loan Loan Size
Minimum loan amount $40K ($150k on Pro Pack Option) ,
Maximum loan amount $1.5M or certain locations (refer to LVR section for detailed information).

Home Loan Repayment Type
Principal and Interest ,
Interest Only up to 10 years.

Repayment Options
Weekly, Fortnightly or Monthly.

Extra Repayments
Extra payments are permitted.

Split Loan Facility
Low Doc Loans may be taken in combination with other Low Doc loans. Maximum 3 loans note a combination of Low Doc and a Non Low Doc loan is not acceptable.

Offset
Not Available.

Redraw Facility
Available.

LVR for Low Doc Home Loan - Westpac - Lo Doc Premium Option >$500K 0.70% Disc

Owner Occupied Maximum LVR 82% ,
Investment Maximum LVR N/A ,
Construction Maximum LVR 82% ,
Refinancing Maximum LVR 82% ,
Please refer to 'Lender Manual' for Higher Priced Property LVR Changes
Premier Advantage Package discounts applicable to variable rate Low Doc loans as follows: ,
$150K<$250K 0.30% p.a. discount ,
$250K<$500K 0.50% p.a. discount ,
>$500K 0.70% p.a. discount ,
Establishment fee of $355 ,
For each additional Low Doc loan, an Establishment fee of $355 will apply. ,
Premier Advantage Package fee is $395.

Fees for Low Doc Home Loan - Westpac - Lo Doc Premium Option >$500K 0.70% Disc

Establishment Fee $600 ($355 if included within the Premier Advantage Package) ,
Switching Fee $300 ,
Account Keeping Fee $8 per month (Nil under Pro Pack) ,
Premier Advantage Package fee is $395. ,
Progressive Draw Down Fee: $300 (payable once only) ,
Independent values - for quote contact lender ,
Deferred Establishment Fee $900 will only be charged if a customer closes their loan with Westpac within 4 years of origination for reasons such as re-financing to another institution, selling their property or early ,
repayment where they request to close their loan.Customers will only be charged one DEF per combination or split facility. ,
Guarantor Fee $200